Investments In Unconsolidated Entities

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments In unconsolidated entities

Investments in unconsolidated entities

We participate in a number of joint ventures with independent third parties. These joint ventures generally purchase, develop, and sell land, including selling land to us for use in our homebuilding operations. A summary of our joint ventures is presented below ($000’s omitted):

	December 31,
	2016		2015
Investments in joint ventures with debt non-recourse to PulteGroup	$	33,436	$	23,236
Investments in other active joint ventures	18,011		18,031
Total investments in unconsolidated entities	$	51,447	$	41,267
Total joint venture debt	$	4,605	$	16,369
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	—	$	226
Joint venture debt non-recourse to PulteGroup	1,349		6,744
PulteGroup's total proportionate share of joint venture debt	$	1,349	$	6,970

In 2016, 2015, and 2014, we recognized income from unconsolidated joint ventures of $8.3 million, $7.4 million, and $8.4 million, respectively (of which $0.2 million related to Financial Services in 2014). We made capital contributions of $14.5 million during the year, and received distributions from our unconsolidated joint ventures of $10.9 million, $6.0 million, and $13.1 million, in 2016, 2015, and 2014, respectively. No significant capital contributions occurred during 2015, and 2014.

The timing of cash flows related to a joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved by the joint venture, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.